The Ventricular Assist Devices Market to Foresee Fast Growth in the APAC Region
The Ventricular Assist Devices Market is expected to witness a CAGR of 13.8% to reach $2.4 billion by 2025
Bangalore, India, February 14, 2019: With its recently published study “Global Ventricular Assist Devices Market – Drivers, Restraints, Opportunities, Trends, and Forecast up to 2025”, Infoholic Research forecasts that the global ventricular assist devices market will continue to grow owing to increasing burden of cardiovascular diseases globally, lack of cardiac donors, and upsurge in the geriatric population. High growth opportunities in emerging economies, upsurge in healthcare spending, demand for better treatment, and increased approvals, funding and pipeline products is anticipated to support the market growth over the forecast period.
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The ventricular assist devices market by product type is segmented into left ventricular assist devices (LVAD), right ventricular assist devices (RVAD) and biventricular assist devices (BIVAD). The left ventricular assist devices segment occupied the largest share in 2018 and is projected to grow at high CAGR during the forecast period. Efficacy, increased survival rate, reduced risk of the device, and growing number of patients with end-stage heart failure makes the segment the most common among other VAD devices.
The ventricular assist device by design type is segmented into transcutaneous ventricular assist devices and implantable ventricular assist devices. The implantable ventricular assist devices segment occupied the largest share in 2018 and is expected to grow at high CAGR during the forecast period.
The market by application is segmented bridge-to-transplant (BTT) therapy, destination therapy, bridge-to-recovery (BTR) therapy and bridge-to-candidacy (BTC) therapy. The BTR segment generated the maximum revenue in 2018 and is expected to grow at high CAGR during the forecast period. The destination therapy segment is expected to be the second highest growing segment during the forecast period.
The global ventricular assist devices market by region is segmented into North America, Europe, Asia Pacific, and Rest of the World. North America occupied the major market share in 2018 and Asia Pacific is expected to grow at high CAGR during the forecast period. The availability of advanced technologies, favorable reimbursement policies, and growing incidence of CVD will increase the adoption and demand of the device in the North American region. Growing patient pool, rising healthcare expenditure, and presence of huge population base makes Asia Pacific the fastest growing segment during the forecast period.
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“The ventricular assist devices market is growing steadily due to increased advancements in technology that have led to high durability, extended survival rate, low risk, and prolonged support. This has resulted in widespread acceptance of device for the patients suffering from cardiac failure. Many major vendors are focusing on obtaining product approvals to enhance their product portfolio. For instance, in 2018, Abbott got the FDA approval for its HeartMate 3 left ventricular assist device, as a destination therapy for advanced heart failure. Further, the growing incidence of heart failure and dearth of cardiac donors are expected to provide a better opportunity for the increase in the demand of ventricular assist devices,” said Arpitha Shetty, Research Analyst, Infoholic Research.
Key insights of the report include
- Ventricular Assist Devices Market by Product
- Left Ventricular Assist Devices (LVAD)
- Right Ventricular Assist Devices (RVAD)
- Biventricular Assist Devices (BIVAD)
- Ventricular Assist Devices Market by Design
- Transcutaneous Ventricular Assist Devices
- Implantable Ventricular Assist Devices
- Ventricular Assist Devices Market by Application
- Bridge-to-Transplant (BTT) Therapy
- Destination Therapy
- Bridge-to-Recovery (BTR) Therapy
- Bridge-to-Candidacy (BTC) Therapy
- Ventricular Assist Devices Market by Regions
- North America
- Asia Pacific
- Rest of the World
- Ventricular Assist Devices Market Industry outlook
- Market trends